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5/10/2013 12:02 by FXMA |
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10/2/2011 18:37 by Anonymous |
Annuity after death
Generally, the disposition of the annuity will depend on its terms. It is likely NOT a probate asset. When your parents purchased the annuity they would have chosen a period for the payout. A single life annuity pays an amount (either fixed or variable) during the duration of one person's life. In this case, it may have been your dad. When that life ends, the annuity is gone and there is no more income and no asset to pass on through probate or intestacy, etc. A joint life annuity will pay for whichever is longer: the life of the person who purchases the annuity or the life of the named beneficiary. Again, when the second person also passes away, there is no inheritance and no probate.
A "certain term" annuity pays out for a specified number of years. If you dad bought this type, after his death his named beneficiary would continue to receive payments until the period ends. hope that helps.